Published: Wed, February 13, 2019
Global News | By Blake Casey

China hopeful of trade war breakthrough

China hopeful of trade war breakthrough

US tariffs on $200 billion worth of imports from China are scheduled to rise to 25 percent from 10 percent if the two sides can not reach a deal by a March 1 deadline, increasing pain and costs in sectors from consumer electronics to agriculture.

But he added: "Generally speaking I'm not inclined to do that".

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Senator Rob Portman, an Ohio Republican, said he discussed the U.S. The news comes on the day that a USA trade delegation arrived in Beijing for another round of talks in the ongoing trade conflict between US and China. They are also eager not to let the timing of a Trump-Xi meeting aimed at closing the deal slip much past the end of March.

Portman, who served as USTR during the George W. Bush administration, added that the Trump administration "is committed to structural reforms at this point" and Trump is less likely to settle for a deal mainly focused on increased purchases of USA commodities. "It can't be ruled out that the US would extend the deadline, but still, it's too early to predict anything". "It was always the opposite way", he said at a press briefing in the White House. Officials have said March 1 is a "real deadline" for reaching a deal.

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The warships were shadowed by Chinese assets, but the interactions were routine and uneventful, according to a separate US official.

Current data shows that U.S. futures are looking at a gain of about 0.8 percent at market open for both the Standard & Poors 500 and the Dow Jones Industrial Average.

Treasury Secretary Stephen Mnuchin is leading a delegation set to meet with Chinese officials on Thursday and Friday.

Mnuchin, along with U.S. Trade Representative Robert Lighthizer, arrived in the Chinese capital on Tuesday.

The talks kicked off in Beijing with discussions among deputy-level officials on Monday before minister-level meetings later in the week. But the two sides are only just starting the work of drafting a common document and are still tussling over how a deal may be enforced, which US officials have repeatedly called a crucial element.

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